Mortgage broker in southern california

Business Editors

SAN DIEGO--(BUSINESS WIRE)--May 30, 2002

American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it is expanding Southern California operations with the opening of a new regional center in Ontario, California.

The Ontario center expects to employ an operations staff of nineteen mortgage banking professionals. It is located at 4141 Inland Empire Boulevard, #250, Ontario, California 91764. The telephone number is 800-687-0432 and the fax number is 909-944-4945.

David Pilotte has been appointed Vice President/Regional Manager. With more than eighteen years experience in mortgage lending, Mr. Pilotte most recently was Branch Manager for Fleet Mortgage. He has also worked for Plaza Funding, Unified Mortgage and ICA Mortgage. Mr. Pilotte can be contacted at dpilotte@amnetmortgage.com.

Loreen King has been appointed Assistant Vice President/Regional Operations Manager. She has more than nineteen years experience in mortgage lending. Before joining AmNet, Ms. King was Operations and Underwriting Manager for Fleet Mortgage/Washington Mutual. She has also worked for Monument Mortgage, Victoria Mortgage and Plaza Funding. Ms. King can be contacted at lking@amnetmortgage.com.

In commenting on the opening of the Ontario center, Mr. Pilotte said, "There is enormous opportunity to quickly establish a presence in the Inland Empire, rated the second least expensive region in the state by the California Association of Realtors(R). New home building continues to flourish in the area, offering numerous affordable choices for potential homebuyers. Working with mortgage brokers who play a key role in the local real estate finance community, we expect rapid growth from the Ontario center."

AmNet also has regional centers in Sacramento, California; San Diego, California; New Haven, Connecticut; Atlanta, Georgia; and Portland, Oregon as well as satellite offices in Mission Viejo, California and Kirkland, Washington. For the first quarter of 2002, AmNet funded $368.9 million in home loans. By the end of 2002, AmNet's closed loan volumes are anticipated to be $500 million per month. AmNet is currently approved to do business in 25 states either by license or exemption. It expects to be approved to do business in 40 states by license or exemption by the end of 2002.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet will originate loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the number of employees in the Ontario center, business opportunities in the Inland Empire, projected loan volumes and anticipated approval of state licenses. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; mortgage loan prepayment rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage assets; the availability of financing for the origination, acquisition or securitization of mortgage assets; the impact of leverage; the Company's liquidity position and other risk factors outlined in American Residential Investment Trust's SEC reports.